Munzir HakimiTable of Contents
Overview of Crypto Hacks
Cryptocurrency exchange Bybit recently suffered a staggering loss of over $1.4 billion due to a hack on february 21, marking the largest breach in the history of cryptocurrency. This incident accounted for more than 60% of all stolen crypto funds in 2024, according to Cyvers data. While hacks and scams have plagued the industry, legitimate uses for cryptocurrencies are growing rapidly.
Despite this growth, hacking remains prevalent as crypto prices rise. By mid-2024, cumulative losses from hacks reached $19 billion according to Crystal Intelligence. below is an overview of some significant hacks that have shaped the landscape.
Major Crypto Hacks
Bybit Hack
The Bybit hack stands out as the most significant theft in cryptocurrency history, with over $1.4 billion stolen on February 21, 2024. This event has raised concerns about security within exchanges and highlighted vulnerabilities that hackers exploit.
Ronin Network
Before Bybit’s breach, Ronin network was targeted in March 2022 for over $600 million worth of Ether and USD Coin (USDC). The attack was attributed to Lazarus Group linked to North Korea.
Poly Network
In August 2021, Poly Network experienced a major exploit where hackers stole more than $600 million across multiple chains but later returned most funds except for $33 million.
Other Notable Incidents
BNB Chain Bridge
In October 2022, BNB Chain lost approximately $568 million due to an exploit involving its crosschain bridge known as BSC Token Hub.
Coincheck Incident
One early notable hack occurred at Coincheck in January 2018 when hackers stole around $534 million worth of NEM tokens by exploiting low-security hot wallets.
Final Thoughts on Security
As cryptocurrency continues evolving with increasing legitimate use cases alongside persistent threats from hackers, it’s crucial for exchanges and users alike to prioritize security measures against potential breaches that could lead to substantial financial losses.
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